The National Insurance Contributions (Reduction in Rates) Act 2023 received royal assent on 18 December 2023. The Act implements the NICs changes announced at Autumn Statement 2023:
for employees, the main class 1 primary percentage is reduced to 10% from 6 January 2024, with consequential changes for NICs calculated on an annual basis (e.g. for directors) and the calculation of the annual maxima for 2023/24; and
for the self-employed, the main class 4 percentage is reduced to 8% and the requirement to pay class 2 contributions is removed from 6 April 2024.
The National Insurance Contributions (Reduction in Rates) Act 2023 received royal assent on 18 December 2023. The Act implements the NICs changes announced at Autumn Statement 2023:
for employees, the main class 1 primary percentage is reduced to 10% from 6 January 2024, with consequential changes for NICs calculated on an annual basis (e.g. for directors) and the calculation of the annual maxima for 2023/24; and
for the self-employed, the main class 4 percentage is reduced to 8% and the requirement to pay class 2 contributions is removed from 6 April 2024.
